Tuesday, November 06, 2007

Stocks Finish at Session Highs on Heavy Volume, Led by Tech, Financial and Commodity Shares

S&P 500 1,520.27 +1.2%
DJIA 13,660.94 +.87%
NASDAQ 2,825.18 +1.07%
Russell 2000 801.77 +1.43%
Wilshire 5000 15,285.47 +1.20%
Russell 1000 Growth 633.31 +1.19%
Russell 1000 Value 824.75 +1.21%
Morgan Stanley Consumer 742.66 +.70%
Morgan Stanley Cyclical 1,052.39 +1.34%
Morgan Stanley Technology 675.98 +1.01%
Transports 4,818.84 +.85%
Utilities 529.19 -.07%
MSCI Emerging Markets 160.79 +2.21%

Total Put/Call 1.0 -1.96%
NYSE Arms .69 -31.15%
Volatility(VIX) 21.39 -12.01%
ISE Sentiment 161.0 +7.33%

Futures Spot Prices
Crude Oil $96.96 +3.19%
Reformulated Gasoline 243.71 +2.35%
Natural Gas 7.93 -.75%
Heating Oil 261.87 +2.94%
Gold 827.40 +2.05%
Base Metals 246.16 +1.02%
Copper 335.45 +1.59%

10-year US Treasury Yield 4.37% +4 basis points
US Dollar 76.01 -.54%
CRB Index 355.63 +1.68%

Leading Sectors
Alternative Energy +3.92%
Oil Service +3.24%
Hospitals +2.60%

Lagging Sectors
Utilities -.07%
Computer Hardware -.40%
Airlines -2.86%

Evening Review
Market Performance Summary
WSJ Data Center
Sector Performance
ETF Performance
Style Performance
Commodity Movers
Market Wrap CNBC Video(bottom right)
S&P 500 Gallery View
Timely Economic Charts
PM Market Call
After-hours Commentary
After-hours Movers

After-hours Stock Quote
In Play

Afternoon Recommendations
Bank of America:

- Rated (JASO) Buy, target $73.
- Rated (TSL) Buy, target $76.

Afternoon/Evening Headlines
- US Stocks Advance, Led by Oil, Metals Producers.
- Philly Fed President Charles Plosser said economic growth would have to slump below his own forecast of 1.5% this quarter for him to support another cut in interest rates, according to an interview in the NYT. Plosser told the NYT he “would not be surprised” if fourth-quarter growth was 1% to 1.5%.
- The risk of companies defaulting on their debt fell today, according to traders of credit-default swaps.
- First Solar, SunPower Corp. and Suntech Power Holdings, makers of solar-power equipment, rose to records as surging oil prices boost demand for renewable energy sources.
- General Motors(GM) will take a $39 billion non-cash charge against deferred tax assets as part of third-quarter results scheduled to be reported tomorrow.
- Australia’s central bank increased its benchmark interest rate a quarter percentage point to an 11-year high today to quell inflation sparked by an accelerating domestic economy and increases in fuel and foods costs.

BOTTOM LINE: The Portfolio finished higher today on gains in my Computer longs, Internet longs, Medical longs and Software longs. I did not trade in the final hour, thus leaving the Portfolio 100% net long. The tone of the market was positive today as the advance/decline line finished higher, most sectors gained and volume was heavy. Measures of investor anxiety were about average into the close. Today's overall market action was very bullish. The move higher in financials was the main upside catalyst for the broad market. As well, the surge to a record in Apple (AAPL) shares seemed to ignite tech. I suspect today's gains will also lead to strength in Asia tonight and Europe tomorrow morning. Nikkei futures are indicating an up 170 open in Japan.

No comments: